Blood Bank Market Overview:
The global blood bank market size was valued at $13.85 billion in 2019 and is expected to reach $21.86 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.
Blood bank is a place where blood and its components are stored for blood transfusion.
Blood banks are primarily engaged in collecting, processing, testing, storing, and distributing whole blood and blood products. Moreover, the collected blood or blood products are extensively tested as well as processed, which results in high prices of blood. Blood bank stores products that include whole blood, red blood cells, platelets, and plasma for short period of time that depends on the outcome of testing process. Moreover, they provide distribution services to hospitals, ambulatory surgery centers, pharmaceutical companies, research centers, and others. Currently, the demand for packed red blood cells over whole blood during blood transfusion is high among healthcare providers.
Surge in prevalence of hematological diseases and rise in accidents are the key factors that drive the growth of the global blood bank market. Furthermore, increase in the number of geriatric populations and high demand for safe blood due to high prevalence of transfusion transmissible infections such as HIV and hepatitis B across the world supplements the blood bank market growth. However, rise in wastage of donated blood and stringent rules & regulations are anticipated to hamper the blood bank market growth. On the contrary, blood transfusion in emerging nations is expected to offer significant profitable opportunities for the market players.
Blood Bank Market Segmentation
The global blood bank market is segmented on the basis of product type, function, bank type, end user, and region. On the basis of product type, the market is classified as whole bloods, red blood cells, platelets, plasma, and white blood cells. The function segment includes collection, processing, testing, storage, and transportation. By bank type, it is bifurcated into private and public. Depending on end user, it is categorized as hospitals, ambulatory surgery centers, pharmaceutical companies, clinics & nursing homes, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (Australia, Japan, India, China, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Product segment review
On the basis of product type, the blood bank market is divided into whole blood, red blood cell, platelet, plasma, and white blood cell. The red blood cell segment generated the highest revenue in 2019 and is anticipated to maintain its dominance throughout the forecast period. In addition, the platelet segment is estimated to register the highest growth rate from 2020 to 2027, owing to the high demand for platelets, which have a low storage time.
By Product Type
Platelet is projected as one of the most lucrative segments.
Function segment review
On the basis of function, the global blood bank market is divided into collection, processing, testing, storage, and transportation. The testing function accounted for the highest revenue in 2019 and is expected to maintain its dominance throughout the forecast period. This is attributed to the high cost of screening tests of blood and its components as well as large number of diagnostic tests that are conducted during processing of blood.
Testing segment holds the dominant position in 2019 and would continue to maintain the lead over the forecast period.
Region segment review
Region wise, the blood bank market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe dominated the market in 2019, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period, due to large number of blood donations, high cost of blood procurement & testing, well-established healthcare infrastructure, and low prevalence of infections transmitted through transfusion that fuels the demand for blood transfusion in the market.
Asia-Pacific region would exhibit the highest CAGR of 6.4% during 2020-2027.
The report provides a comprehensive analysis of the key players operating in the global blood bank market, namely The American Red Cross, Vitalant, New York Blood Centre, Australian Red Cross, Japan Red Cross Society, American Association of Blood Banks, America's Blood Centers, Canadian Blood Services, Sanquin Blood Supply Foundation, and Blood Bank of Alaska. The other players in the value chain include Indian Red Cross Society, NHS Blood and Transplant, New Zealand Blood Service, National Blood Centre, German Red Cross, Rotary Blood Bank, and others.
Key Benefits For Stakeholders
This report provides a detailed quantitative analysis of the current blood bank market trends and future estimations from 2020 to 2027, which assists in identifying the prevailing blood bank market opportunities.
An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the global blood bank market is provided.
The key regulatory guidelines for the blood bank market are critically dealt with according to geography.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Blood Bank Market Report Highlights
By Product Type
By Bank Type
By End User
Key Market Players
AUSTRALIAN RED CROSS SOCIETY, BLOOD BANK OF ALASKA, AMERICAN ASSOCIATION OF BLOOD BANKS, AMERICA'S BLOOD CENTERS, SANQUIN BLOOD SUPPLY FOUNDATION, VITALANT, CANADIAN BLOOD SERVICES, NEW YORK BLOOD CENTRE, JAPANESE RED CROSS SOCIETY, THE AMERICAN RED CROSS
Blood bank is a center where blood is collected via blood donation, which is then stored and preserved to be used later for transfusion. Blood bank can be a division of hospital or operate as a separate non-profit organization. Major functions of a blood bank include collecting blood, processing the collected blood, performing infectious disease screening test as well as storage of safe blood, and its distribution.
Rise in the prevalence of hematological diseases, increase in accidental cases, and surge in geriatric population who is prone to blood disorders are projected to supplement the market growth during the forecast period. However, wastage of donated blood and stringent rules & regulations are expected to hinder the growth of the market.
The demand for donation of platelets is expected to increase in future, majorly due to its short storage time of five days that makes it difficult to refrigerate or store platelets for a longer period. Moreover, surge in demand for collection of blood owing to increase in the number of cases of blood transfusion is expected to fuel the market growth during the forecast period.
Europe is expected to remain dominant during the forecast period, due to large number of donations, high cost of blood processing and testing as well as low prevalence of infections that are transmitted through transfusion. In addition, supportive healthcare policies, and well-established healthcare infrastructure, favorable reimbursement policies, and rise in public awareness about the importance and need of blood donation fuel the market growth. In addition, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to the key players during the forecast period, due to introduction of better healthcare coverage plans coupled with rise in demand for blood transfusion.